How to Open a Bank Account in Norway

Norway is known for its thriving economy, making it a preferred destination for expats and investors. It is a good place for students, workers, retirees and investors. Norway’s currency is the Norwegian Crown but it is nevertheless part of the EEA. This is a guide on how to open a bank account in Norway.

Where to Get the Documents needed

You can get your Norwegian National Identity Number from the local tax assessment office if you wish to stay in the country for more than six months. It is possible to open a bank account online, but you will need to liaise with a credit rating company such as Experian to process and have your account approved. Also, you will be required to make identity verification. This is done once you receive a letter from the bank. You can do the verification in a post office.

How to Open an Account Remotely

To open a bank account online, you must first obtain a Bank ID. The Bank ID is useful in other areas, such as paying bills, signing legal documents. To get a Bank ID, you only need to present your passport to your bank of choice. Once you are issued with the Bank ID, you can then open an account online. You can also open an online bank account remotely, I’ll explain a bit further down.

Open Bank Account Norway Non Resident

Opening a bank account in Norway as a non-resident is possible, but it definitely is not for everyone.

• You must be from SA, Japan, New Zealand, Switzerland, Canada, Singapore and Iceland or be an EU citizen. So US and UK citizens can’t.
• If you qualify, you are then required to deposit 100,000 euros. That’s a lot of euros.
• It takes around six weeks to have the account processed. So not for the rushed.

Online Banks for Use in Norway

Some touristic hotspots excluded, you can only pay in Norwegian Kroner in Norway. Euro, Pound and Dollar can easily be exchanged – against a fee. So only either Kroner bank accounts or multicurrency online bank accounts are useful here.

N26 offers a kind of multicurrency account thanks to their integration of WISE exchange. But it is not a Kroner account.

You can also open a multicurrency bank account directly at WISE. It’s very easy to exchange money between Euro, Pound, Dollar and Kroner (and twenty other currencies). But you’re still exchanging. When working a job in Norway and getting paid in Kroner, you might want to check out one of the following Norwegian bank accounts.

When sending money back home, WISE of course does come in handy because exchanging is not only much easier online than going to an exchange office – through WISE it’s also cheaper.

Best Banks in Norway

Norway has both local and international banks. The following are some of the banks that you might consider opening an account with.

Banking Fees in Norway

Normal accounts do not attract monthly fees. However, reward accounts attract monthly payments that come with extra perks, such as access to the airport lounge and travel insurance. Withdrawing cash from rival bank ATMs attracts a fee between 7 and 10 NOK. DNB charges 10 NOK for any ATM withdrawals and 40 NOK and 1% of the withdrawal amount in case you are using a MasterCard.

International Money Transfer Charges

Sending money abroad is very expensive. DNB is the cheapest at a rate of 1.95% for international transfers. Other banks charge between 0.5-1% exclusive of additional charges, which can sum up to between 20 to 30 NOK. The exchange rate is usually very poor while currency conversion attracts other fees. You can use TransferWise as an alternative while sending money abroad. With TransferWise, you will enjoy real-time mid-market exchange rates. Their charges are transparent are a much lower compared to banks.